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  • Aon UK is planning to lower its standard employer pension contribution to 6 percent of salary across the board in an overhaul it says will enable it to reduce fixed costs and protect its business under challenging economic conditions.
  • An unusually high currency boost and a release from reserves enabled expanding Lloyd’s insurer Hiscox plc to transform a narrow 2005 underwriting gain into a healthy £70mn pre-tax profit. An increase in the group’s US storms exposures – up from...
  • Kevin Kelley has left his position as president and CEO of American International Group (AIG) subsidiary Lexington Insurance Company to take over as CEO of Ironshore Inc.
  • The New Zealand government is set to release an update on the future of Christchurch overnight (22/23 June) to give more information on which suburbs may have to be abandoned under reconstruction plans.
  • Investment bank to structure adverse development cover ILS products
  • Investment giant Berkshire Hathaway provided a further display of its muscular balance sheet on 15 July with a reinsurance contract that provides CNA with up to $4bn of adverse development long-tail asbestos/environmental cover.
  • The US National Association of Insurance Commissioners (NAIC) has questioned whether a global capital standard for international insurers proposed this week by G20 regulators is necessary
  • Insurance giant American International Group (AIG) reported operating results for the third quarter below analysts’ expectations, compounded by losses in its AIG Financial Products (AIGFP) division, which suffered a $352mn pre-tax charge on credit default
  • Nigel Roberts has joined broker Willis after leaving Aon Ltd last year.
  • Australian (re)insurer QBE expects losses of around $125mn in its European operations from the 11 March earthquake and tsunami in Japan